MCash prepares IPO in Indonesia Stock Exchange

MCash is preparing for Initial Public Offering (IPO) on Indonesia Stock Exchange (ISE). PT M Cash Integrasi (MCI), which operates digital kiosk applications, will conduct an IPO in the fourth quarter of 2017 to collect up to Rp 250 billion (US$19 million). The startup takes a strategic step to compete Kioson who is also preparing to conduct an IPO at ISE.

Tinuku MCash prepares IPO in Indonesia Stock Exchange

MCash is a digital kiosk service application developed by MCI where users transact digital products such as SIM cards, mobile credit, concert tickets, electrical tokens, bill payments and eMoney. Currently, the biggest investor in MCI is Kresna Graha Investama (ISE: KREN) through Kresna Usaha Kreatif.

MCash CEO Martin Suharlie said the IPO funding will be used for expansion and working capital. The company currently has about 100 offline kiosks in traditional stores and modern stores. By 2020 they are targeting a portfolio of 10,000 kiosks.

"Until the end of this year we expect an additional 1,000 new kiosks," Suharlie said.

The company focuses on putting 70% of digital kiosks in modern stores and the rest in traditional stores. But next year will increase digital kiosks in traditional stores with 80% composition and the rest for modern stores.

mCash also plans to integrate several services including Mandiri e-Cash, LINE Pay e-Cash and Padipay as an alternative to cashless payments, online train reservations, airplanes, hotels from Padiciti and flash grocery shopping with Kesupermarket.com.

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